Given the planned asset sales and EMs smaller footprint - what is the target global headcount that EM is shooting for in 2025/ 2026? Just trying to figure out how many more years of 8% PIP we will have coupled with minimal recruiting efforts.
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The Oil Tanker is heading towards the 40,000s....
EM needs one less employee,,, at the top.
PIP DW for ramping up employees in 2018 and 2019 then for claiming no layoff in 2020 followed by a weaponized PIP and huge layoff in 2020. Lied publicly. Zero integrity.
EM should have kept $20 billion in savings rather that throw away all excess monies in stock buybacks then also all ramp ups in staffing should be with contract staff and never increase in employees. Very basic blunders. NSI.
Crude oil prices make more impact to the company's bottom line than any group of employees. I would cut as many employees down if I were the board as well, it is already expected by shareholders that the company's profits will just follow crude oil prices.
No need for a volatile commodity based business to have more than 20k employees. Not in this new age. Especially if it's market cap doesn't justify the employee count.
Yeah I know big tech companies have 3 times as many employees, but their market caps are way more than 3 times as large as XOM.
He-l, compare the market cap per employee between XOM and another oil company like EOG. The difference is significant.
It is easy to extrapolate based on our recent "structural efficiency" announcement(s).
At our Investors Day in 1Q2022, we announced another $4 billion in structural efficiencies in 2022 and 2023. We also achieved $5 billion in "structural efficiencies" in 2020-2021.
Year Regular Employees At End of Year
2015 73,500
2016 71,100
2017 69,600
2018 71,000
2019 74,900
2020 72,000
2021 63,000 -- achieved $5 billion in structural efficiencies in 2020-2021
2022 tbd
2023 50,000 to 53,000 (estimate) - another $4 billion to be achieved in 2022-2023.
Yes, additional 8% staff reductions will be required in 2022 and 2023 regardless of our 2022 earnings. Dallas told our Investors that "structural efficiencies" was one of our major objectives this year.
DW promised investors at Investor Day in March an additional $4B in opex reductions by YE2023. Safe to assume 8% PIP for 2022 and 2023. Maybe another targeted layoff if attrition is below expected?
Enough to wrap it up for the merger with Chevron.
50,000 or less